You can file bankruptcy whether you are rich or poor

If you are experiencing extreme financial difficulties, it is within your legal right to be able to file for bankruptcy protection. If you find yourself in a lot of debt, whether you are an average income earner (making $30,000, or less than that for that matter), or if you are one of the top echelon million dollar income earner, you are still protected under the same set of bankruptcy law observed by the US bankruptcy law. As part of your legal right, you cannot be discriminated against based on your social status, gender or even race if you had to file bankruptcy protection. As long as you can prove to the bankruptcy court that your circumstance for filing bankruptcy is legitimate, just about everyone can apply for the bankruptcy petition.

The bankruptcy court does not care if you have a several hundreds of dollars in debt or even millions in debt. What the bankruptcy court looks for is your ability or inability to pay off the debt in your legally documented bankruptcy paperwork. If you are able to substantiate all your claims, the bankruptcy court will most likely grant you the bankruptcy Do not feel embarrassed that you have to file bankruptcy. Even some of the most prominent figures in this society such as real estate tycoon Donald Trump and famed boxer Mike Tyson had to file for bankruptcy shelter to dodge their creditors.

The only determining factor for filing bankruptcy is your ability to pay off the amount you owe, and not how much you make per year, or how much you owe in total. Do not let outside forces influence your thinking. If you finally settle that filing bankruptcy is for you, you should not feel embarrassed about it. If you can swallow your own pride and file for bankruptcy, you can have a shot with a better financial future. Is it better for you to say that you have never had to file for bankruptcy and be in heavy debt for the rest of your life? You can easily file for bankruptcy as long as you are not trying to defraud the system by filing when you are not in serious financial difficulties. If you know that you will be filing for bankruptcy and knowingly charged hundreds and thousands of dollars on your credit cards to buy expensive items, then your bankruptcy can become a sham and therefore not be given the discharge. That is the ultimate power of the bankruptcy process, the ability for you to wipe away most, if not all, of your outstanding debt hence giving you a chance to start out with a clean slate.

Do not worry if you need to file bankruptcy

So instead of asking if you are eligible to file for bankruptcy shelter, you should ask yourself if you really need to file bankruptcy or not. Filing for bankruptcy should be a once in a time time event, and should be taken seriously. Filing for bankruptcy has many advantages and disadvantages associated with it, and therefore you need to review them cautiously. If you have many doubts on what will happen before and after you have filed for bankruptcy, your best bet will be to hire a bankruptcy lawyer to guide you through this whole process. A local bankruptcy lawyer should be able to help you process your filing more smoothly and answer any concerns you have about the entire process.

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